Riding high on the success of sports utility vehicles (SUVs) and a sharp turnaround in group companies, Mahindra & Mahindra (M&M) crossed the Rs 50,000 crore revenue milestone in a quarter for the first time in Q3FY26. M&M reported on Wednesday a 47% year-on-year (Y-o-Y) rise in consolidated net profit for the third quarter of the financial year 2025-26 (Q3FY26) to Rs 4,675 crore.
Excluding the impact of the New Labour Codes (of around Rs 565 crore), net profit was up 54%, the company said. M&M had reported a PAT of Rs 3,181 crore in the December quarter of the last fiscal. On a standalone basis (auto and tractor biz), PAT surged 33% Y-o-Y to Rs 3,931 crore in Q3FY26.
Auto segment posted volume of 3.02 lakh units in Q3FY26, up 23% from the same period last fiscal, M&M said, adding the farm sector volume was at 1.5 lakh units, a growth of 23% from the corresponding quarter a year ago. M&M ranked number 1 in revenue market share in SUVs with 24.1% share. The company was also the top player in light-commercial-vehicles (LCV) under 3.5 tonne with a market share of 51.9% (up 10 bps) and also topped in the tractor segment with a 44% share (down 20 bps).
M&M Financial Services' profit nearly doubled year-on-year in Q3FY26 and there was a 5x PAT growth for Mahindra Lifespaces. The December quarter was the first profitable quarter for Mahindra Logistics after 11 quarters, according to the company. Tech Mahindra EBIT stood at 13.1% in Q3FY26, up 290 bps.
M&M shares closed marginally lower at Rs 3,674.65 on the BSE on Wednesday. So far in 2026, the stock has given a negative return of 2.3%. However, in one year, M&M has surge over 19% on the exchanges.
Anish Shah, Group CEO & Managing Director, said, “Auto & Farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence. TechM continues to makemeaningful progress. Mahindra Finance delivered another solid quarter with meaningful PAT growth while maintaining strong asset quality. We are especially pleased to see breakout performance from two of our growth gems, Mahindra Logistics and Mahindra Lifespaces.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said, “Auto and Farm businesses delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase in SUV revenue share and 10 bps YoY increase in LCV (< 3.5T) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share for YTD FY26. Our new launches XEV 9S, and the XUV 7XO have received very positive response in the market.”